AUSTRALIA - Four of Australia's biggest superannuation funds have been directed by the regulator, the Australian Securities and Investment Commission, (ASIC) to reveal statements over their exit disclosure.
Australian Retirement Fund, Health Super, N M Superannuation and Qantas Superannuation were called amidst concerns members were leaving without “adequate” information on their ability to pursue complaints, as well as the value of the insurance cover that ceases on leaving.
Following the introduction of the choice of superannuation legislation earlier this year, Jan Redfern, ASIC’s executive director of enforcement, said the increased switching between funds added to the importance of adequate disclosure at the time of exiting a fund.
“Superannuation is a complex area that many people find daunting which is why fund managers must provide their members with clear and concise information,” Redfern said.
The funds have already agreed to make certain improvements to their disclosure including: value of death benefits that cease on exit; information about the Superannuation Complaints Tribunal and details of the date of decision in relation to complaints.
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